It was noted that Uzbekistan’s GDP grew by 7% in the first half of 2017 and industrial output – 7.6%, agriculture production – 5.8%, services – 11.6%, retail turnover – 11.1%. The inflation rate did not exceed the forecast parameters and amounted to 5.2% compared to December last year.

The State Budget was executed with a surplus of 108.2 billion soums (or 0.1% of gross domestic product), MPs of UzLiDeP said.

Revenues of the state budget made up 22.46 trillion soums in the first half of 2017, grew by 17.6% compared to the same period of 2016. The share of the state budget revenues in GDP decreased from 22.2% in the first half of 2016 to 21.9%. This testifies to the effectiveness of the measures taken to reduce the tax burden for the economy.

Deputies also actively discussed implementation of the state budget’s expenditure side. The report indicates that in the first half of this year the state budget expenditures are aimed at financing such areas oriented to development of the social sphere, such as ensuring employment and progressive increase in real incomes of the population, improving the social protection system and health, increasing the social and political activity of women, implementing targeted programs on the construction of affordable housing, development and modernization of engineering, communications and social infrastructure, etc.

About 2.45 trillion soums were allocated to development of social sphere, road, transport, engineering and communication infrastructure. In particular, during the reporting period, 1.31 trillion soums were allocated from the state budget for financing centralized investments, or 23.0% more than in the corresponding period of 2016. A

During the reporting period, the revenue part of local budgets was fulfilled by 103.1% in relation to the forecast and amounted to 9.77 trillion soums, and the expenditure part was executed by 99.5% and amounted to 10.74 trillion soums.

Members of UzLiDeP approved the report on execution of the state budget in the first six months of 2017.